Egypt Buys 175,000mt of Russian Wheat

Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Wednesday it had bought 175,000 metric tons of Russian wheat for shipment Sept. 11-20.

Mamdouh Abdel Fattah, the vice-chairman of GASC, gave the following breakdown of the purchase:
- 60,000 metric tons from Olam
- 60,000 metric tons from Cargill
- 55,000 metric tons from Glencore

GASC said it bought the wheat at an average price of $260.14 a metric ton, on a cost and freight basis.

Traders gave the following breakdown of the purchase:
- 60,000 metric tons from Olam at $246.99 a metric ton, on a free-on-board basis (fob) and $11.88 a metric ton freight from National Navigation
- 60,000 metric tons from Cargill at $249 a metric ton fob and $11.70 a metric ton freight
- 55,000 metric tons from Glencore at $249 a metric ton and $11.94 a metric ton freight from Venus

The world's top wheat importer has so far bought 890,000 metric tons of Romanian, Russian and Ukrainian wheat since the start of the fiscal year on July 1.

The supply ministry said earlier this month its stocks had increased to six months worth, to last until the end of 2014.

Egypt purchased a total of 5.46 million metric tons of wheat from abroad in the 2013-2014 fiscal year in addition to 3.7 million metric tons of local wheat.

Freight
Traders also said the following freight (ocean shipping)offers were made in the tender, in dollars a metric ton:Romania
*National Navigation: $10.89
*Venus: $10.97
*Mina Shipping: $11.40
*Ameropa: $11